This Website has been established to foster efficient communications between investors of The Carolina Development Company (the “Company”) and Thomas Seaman, who is serving as its receiver. Mr. Seaman was appointed on February 16, 2006, in an SEC enforcement action known as SEC vs. Vander Tuig, et al in which the SEC has alleged that Lambert Vander Tuig, Jonathan Carman and The Carolina Development Company engaged in the fraudulent sale of unregistered securities.

This website was last updated March 24, 2016.

MOTION TO SELL REAL PROPERTY, CONCLUDE AFFAIRS OF THE RECEIVERSHIP, APPROVE RECEIVER’S FINAL ACCOUNT & REPORT, AND DISCHARGE RECEIVER; FINAL FEE APPLICATIONS
On March 21, 2016, the Receiver filed with the Court his motion to: 1) sell the remaining single-family home lot (Lot 24 located at The National) in Moore County, North Carolina; 2) conclude the affairs of the receivership; 3) approve the Receiver’s final report and accounting; and, 4) discharge the Receiver. The motion is filed with an accompanying notice of motion. Also filed are the final fee applications of the Receiver and his counsel, Sheppard Mullin, Richter & Hampton LLP, with accompanying errata, notices and proof of service.

The hearing is calendared for April 25, 2016, at 9:30 a.m. in the Courtroom 650 of the Edward R. Roybal Federal Building and United States Courthouse, located at 255 East Temple Street, Los Angeles, CA 90012. Chief Judge George H. King will preside.

The motion, fee applications and accompanying documents are posted on the Case Documents page.

The Receiver is in the process of closing the receivership estate in the matter of SEC v. Carolina Development Company, Inc., Case No. SACV06-172 AHS(MLGx), US District Court, Central District of California.  There are many claimants who have outdated addresses and whose prior distribution checks have been returned with no forwarding address.  The Receiver is attempting to locate the claimants listed below.  If your name appears on this list kindly send a change of address to the Receiver’s office by emailing mail@carolinareceivership.com, or by mail to Thomas Seaman Company, 3 Park Plaza, Suite 550, Irvine, CA  92614.  Please include your current address, your previous address and a phone number so that we may contact you if necessary to confirm your identity.  If you need assistance please call 949-222-0305.  Additional information on the receivership may be viewed at www.carolinareceivership.com.  The deadline for submitting a change of address is March 31, 2016.  After that date investors may forfeit their claim and the funds will be distributed in accordance with Court order. 

MOTION FOR APPROVAL TO SELL APPROXIMATELY 20 ACRES IN MOORE COUNTY, NC – UPDATE: HEARING SET FOR MAY 18, 2015
On March 31, 2015, the Receiver has filed his Motion For (I) Hearing Date Of May 18, 2015, Or Later For The Court To Hear The Instant Motion And (II) Approval To Sell Approximately 20 Acres In Moore County, North Carolina (Dkt. No. 821.) The motion seeks approval to sell the remaining 20.62 acres of land located at The Carolina. The hearing date has yet to be provided by the Court but this website will be updated when the Court provides a hearing date. The motion is posted on the Case Documents page.
UPDATE: On April 16, 2015, Chief U.S. District Judge George H. King ordered that the hearing for the sale motion has been calendared for May 18, 2015, at 9:30 a.m. in the Courtroom 650 of the Edward R. Roybal Federal Building and United States Courthouse, located at 255 East Temple Street, Los Angeles, CA 90012. Chief Judge George H. King will preside.

SECOND AMENDED NOTICE OF MOTION FOR SECOND DISTRIBUTION OF FUNDS TO INVESTORS
The Receiver has filed his Second Amended Notice of Motion for Second Distribution of Funds to Investors. The amount of this distribution will be 3.42% if approved by the Court. The hearing to approve the motion (published on the Case Documents page) is now calendared for February 10, 2014, at 10:00 a.m.

FEE APPLICATIONS OF THE RECEIVER AND THE RECEIVER'S COUNSEL FILED WITH THE COURT
On January 9, 2014, the Receiver and his counsel, Sheppard Mullin, Richter & Hampton LLP, filed fee applications with Court which detail work performed from February 1, 2012, and October 31, 2013. The hearing for these fee applications is calendared for February 10, 2014, at 10:00 a.m. The applications are posted on the Case Documents page.

MOTION TO APPROVE SECOND DISTRIBUTION OF FUNDS TO INVESTORS
The Receiver has concluded the sale of approximately 216 acres of land located at The Carolina in Southern Pines, North Carolina, and other lots in Pinehurst and has accumulated additional cash for distribution to investors. The Receiver has therefore requested Court approval to make a second distribution to investors. The amount of the distribution is 3.42% of an investor’s claim. A hearing to approve the Motion for Approval to Make Second Distribution of Funds to Investors will be heard on February 9, 2014, at 10:00 a.m.

MOTION TO SELL 205 ACRES IN NORTH CAROLINA AT THE CAROLINA
On January 29, 2013, the Receiver filed with the Court his motion seeking approval to sell 205 acres of land located at The Carolina Development in Moore County, North Carolina. The motion is posted in the Case Documents page.

INVITATION FOR OFFERS TO PURCHASE SIX LOTS AT THE CAROLINA
In the action pending in U.S. District Court for the Central District of California, Case No. SACV06-172 AHS(ANx), entitled SEC vs. Lambert Vander Tuig, et.al., notice is hereby given pursuant to 28 U.S.C. §2001(b) that the Court-appointed Receiver has contracted to sell six (6) lots of real property surrounding The Carolina golf course in Whispering Pines, North Carolina, specifically the following lots: 205 Woodbine Way, (also known as Lot 46, Ph. 1); 219 Ramble Ridge (a/k/a Lot 5 R Ph. 1); 459 Ave. of the Carolinas (a/k/a Lot 63, Ph. 1); 130 Woodbine Way (a/k/a Lot 22, Ph. 1); 119 Woodbine Way (a/k/a Lot 32, Ph. 1); and 214 Woodbine Way (a/k/a Lot 36, Ph. 1) (collectively, the “Property”); for a total purchase price of $195,000. Closing to occur within 65 days of the U.S. District Court’s entry of an order approving the sale. Hearing to take place at 10:00 a.m. on Oct. 22, 2012, in Courtroom 10A, 411 W. Fourth Street, Santa Ana, CA. Further details regarding the hearing will be available at www.carolinareceivership.com . The sale is subject to approval by the Court. THE SALE IS SUBJECT TO OVERBID. THE RECEIVER INVITES OFFERS TO PURCHASE THE PROPERTY. The minimum offer is $205,000. If interested in submitting an offer, please contact the Receiver, Thomas Seaman at (949) 222-0551 ext. 101 or at tom@thomasseaman.com for further information. In order to be considered, offers must be in writing and received by the Receiver no later than 4:00 p.m. Pacific Standard Time on Oct. 10, 2012, at 3 Park Plaza, Suite 550, Irvine, California.

RECEIVER'S THIRTEENTH SIX-MONTH REPORT
On September 10, 2012, the Receiver filed with the Court his most recent accounting report for the period ending July 31, 2012. It is posted to the Case Documents page.

FEE APPLICATIONS OF THE RECEIVER AND THE RECEIVER'S COUNSEL FILED WITH THE COURT
On April 20, 2012, the Receiver and his counsel, Sheppard Mullin, Richter & Hampton LLP, filed fee applications with Court which detail work performed from August 1, 2010, and January 31, 2012. The hearing for these fee applications is calendared for June 4, 2012, at 10:00 a.m. The applications are posted on teh Case Documents page.

LOT 2175, MID SOUTH CLUB, SALE COMPLETED
On April 3, 2012, the sale of Lot 2175 at the Mid South Club, was completed for the purchase price of $39,000.

RECEIVER'S TWELFTH SIX-MONTH REPORT
On March 6, 2012, the Receiver filed with the Court his most recent accounting report for the period ending January 31, 2012. It is posted to the Case Documents page.

RECEIVER'S ELEVENTH SIX-MONTH REPORT
On October 4, 2011, the Receiver filed with the Court his most recent accounting report for the period ending July 31, 2011. It is posted to the Case Documents page.

FEE APPLICATIONS OF THE RECEIVER, THE RECEIVER'S COUNSEL AND THE RECEIVER'S ACCOUNTANTS APPROVED
On December 17, 2010, the Court approved the fee applications of the Receiver, his Counsel and Accountants.

LOT 2132, MID SOUTH CLUB, SALE COMPLETED
On August 16, 2010, the sale of Lot 2132 at the Mid South Club, was completed for the purchase price of $48,000.

CRIMINAL CHARGES FILED
On January 21, 2009, the California Department of Justice filed criminal charges against Lambert Vander Tuig, Jonathan Carman, Scott Yard, Mark Sostak, Soren Svendsen, and Robert Waldman in the Orange County Superior Court. The case number is 09CF0153.  With the exception of Jonathan Carman, all of the defendants have been released on bail. 

Remaining assets:
The Carolina
The Receiver is under contract to sell the remaining 20.6 acres owned by the Company that is located at The Carolina in Moore County, North Carolina. There still remains little or no demand for land in Moore County. The Receiver listed the property for sale with a national real estate brokerage firm with expertise in residential land sales and they have aggressively marketed the property for sale. The broker identified a potential buyer and the Receiver negotiated terms of sale and executed a purchase and sale agreement with the potential buyer at a purchase price of $125,000, subject to overbid and Court approval. Overbids will be welcome and may be sent to the Receiver before the hearing to confirm the sale. The hearing has been calendared for May 18, 2015, at 9:30 a.m., in the courtroom of George H. King, Chief U.S. District Judge (See the posting in April 105, above, for the address of the Court.) If interested in making an overbid, please contact the Receiver at (949) 222-0305.

Single Family Home Lot at The National
There is one single family lot at the The National development in North Carolina available for sale by the Receiver.

Additional information concerning taxes
The Receiver does not give tax advice and is unqualified and unable to provide investor-victims advice with regard to the tax treatment of their loss or of the distribution and encourages investor-victims to seek advice from their own tax professional. However investors may wish to view recent publications concerning the tax treatment of Ponzi schemes in the Case Documents.

Please refer to the Case Documents for a history of the receivership.